Chances are that crude pumped from the Permian could become increasingly lighter as output continues to rise to record highs and drillers are moving to lower-quality locations with more associated natural gas at wells.
As Permian producers exhaust prime tier-one acreage amid a surge in output in the basin, second-tier drilling locations tend to yield crude of different specifications, often lighter than the typical WTI Midland qualities. Light crude from the U.S. has been winning over customers globally with its low sulfur content and refining qualities similar to other light grades from the North Sea and Africa.
It could even influence the price of the Brent crude benchmark as WTI Midland is now part of the Platts assessment of the Dated Brent, part of the Brent benchmark as one of several grades underpinning the contract. After the U.S. allowed crude oil exports in 2015 and after midstream operators seized the opportunity to build pipelines in Texas and Louisiana, leading to the U.S. Gulf Coast export terminals, American exports soared and made WTI a more influential benchmark in the oil markets.
Oil Oil Production WTI Midland Light Crude Refining
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